TD Asset Management Inc Raises Stake in American Tower Corporation $AMT

Key Points

• TD Asset Management Inc increased its stake in American Tower Corporation by 0.5% in the second quarter, now owning 342,106 shares worth approximately $75.6 million.
• American Tower's CEO, Juan Font, recently sold 720 shares for about $149,998, reducing his ownership by 2.98% to a total of 23,425 shares.
• Several analysts revised their price targets for AMT, with Jefferies lowering theirs to $226 while maintaining a "buy" rating, and JPMorgan increasing their target to $255 with an "overweight" rating.

TD Asset Management Inc lifted its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 0.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 342,106 shares of the real estate investment trust's stock after purchasing an additional 1,774 shares during the period. TD Asset Management Inc owned 0.07% of American Tower worth $75,612,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of AMT. North Capital Inc. bought a new stake in shares of American Tower in the first quarter valued at $25,000. Hopwood Financial Services Inc. increased its holdings in American Tower by 100.0% in the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. bought a new stake in American Tower in the 1st quarter valued at about $31,000. Saudi Central Bank bought a new stake in American Tower in the 1st quarter valued at about $40,000. Finally, Accredited Wealth Management LLC lifted its holdings in American Tower by 180.0% during the first quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Transactions at American Tower

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on AMT shares. Jefferies Financial Group lowered their price target on shares of American Tower from $281.00 to $226.00 and set a "buy" rating on the stock in a research report on Monday. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the company a "strong-buy" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $245.00 target price (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $241.06.

American Tower Stock Up 1.8%

AMT stock opened at $189.94 on Thursday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $234.33. The company has a market capitalization of $88.94 billion, a price-to-earnings ratio of 69.07, a price-to-earnings-growth ratio of 1.13 and a beta of 0.86. The business's 50 day moving average price is $197.30 and its two-hundred day moving average price is $210.26. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.01. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The firm's revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. American Tower's dividend payout ratio is currently 247.27%.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.